On January 31, 2014, the SEC released a sweeping No-Action Letter regarding mergers and acquisitions advisers and business brokers. The actual text of the SEC No-Action Letter can be found at:
This SEC No-Action Letter represents the latest in a series of major milestones to clarify and simplify the unduly burdensome regulations that impact certain professionals who assist
buyers and sellers of privately held businesses.
In a nutshell, business brokers and M&A advisers who operate within the bright guidelines of the M&A Brokers No Action Letter will be exempt from registering with the SEC as a broker-dealer, regardless of the size of the transaction.